Term
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Definition
| Measures, processes, and communicates financial information |
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Term
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Definition
| Sells goods and services to provide adequate return |
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Term
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Definition
| ability to earn enough income to attract and hold investment capital |
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Term
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Definition
| Ability to have enough cash to pay debts when they are due |
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Term
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Definition
| selling goods and services, employing, buying and producing goods and services, paying taxes |
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Term
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Definition
| Spending capital a company receives in productive ways to achieve its objectives, including buying land, buildings, and equipment |
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Term
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Definition
| Obtaining adequate funds to begin and continue operating, including obtaining capital from creditors and from owners |
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Term
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Definition
| indicate whether managers are achieving their business goals |
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Term
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Definition
| Evaluation and interpretation of financial statements and related performance measures |
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Term
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Definition
| Provides internal decision makers with information about operating, investing, and financing activities |
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Term
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Definition
| Generates reports and communicates them to external decision makers |
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Term
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Definition
| Reports to external decision makers |
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Term
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Definition
| The process of recording financial transactions and keeping financial records |
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Term
| Management Information System |
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Definition
| Organizes a business's many information needs |
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Term
| Fraudulent Financial Reporting |
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Definition
| Intentional preparation of misleading financial statements |
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Term
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Definition
| Code of conduct that applies to everyday life |
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Term
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Definition
| regulates financial reporting and the accounting profession |
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Term
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Definition
| Economic events that affect a business's financial position |
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Term
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Definition
| Business records recorded in terms of money |
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Term
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Definition
| Value of one currency in terms of another |
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Term
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Definition
| Distinct from owners, creditors, and customers |
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Term
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Definition
| Owned by one person, takes all profits and losses, liable for obligations |
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Term
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Definition
| Two or more owners, share profits |
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Term
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Definition
| Business unit chartered by the state and legally separate from its owners |
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Term
| Articles of Incorporation |
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Definition
| Contract between the state and the incorporators |
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Term
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Definition
| Unit of ownership in a corporation |
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Term
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Definition
| Most universal form of stock |
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Term
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Definition
| Distributions of resources to stockholders |
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Term
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Definition
| The oversight of a corporation's management and ethics by its board of directors |
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Term
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Definition
| Independent directors who have financial expertise |
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Term
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Definition
| A company's economic resources |
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Term
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Definition
| Benefit the company's future operations, cash, accounts receivable, inventories, land, buildings, and equipment |
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Term
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Definition
| business's present obligations to pay cash, transfer assets, or provide services, include accounts payable, borrowed money, salaries, wages, taxes, services to be performed |
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Term
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Definition
| Claims of the owners of a corporation to the assets of the business |
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Term
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Definition
| Amount that stockholders invest in the business |
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Term
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Definition
| stockholders' equity that has been generated by the business's income-producing activities and kept for use in the business |
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Term
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Definition
| Increases and decreases in stockholders' equity |
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Term
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Definition
| When revenues exceed expenses |
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Term
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Definition
| Statement of revenues and expenses to calculate net income |
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Term
| Statement of Retained Earnings |
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Definition
| shows the changes in retained earnings over an accounting period, Retained Earnings from the previous year plus the net income of the period minus the total dividends |
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Term
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Definition
| Assets, Liabilities, and Stockholders' Equity |
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Term
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Definition
| Inflows and outflows of cash |
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Term
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Definition
| Generally accepted accounting principles |
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Term
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Definition
| certified public accountant |
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Term
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Definition
| examination of a company's financial statements |
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Term
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Definition
| Financial accounting standards board |
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Term
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Definition
| International accounting standards board |
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Term
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Definition
| international financial reporting standards |
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Term
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Definition
| public company accounting oversight board |
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Term
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Definition
| american institute of certified public accountants |
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Term
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Definition
| securities and exchange commission, set and enforce accounting practices |
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Term
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Definition
| governmental accounting standards board |
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Term
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Definition
| internal revenue service, interprets and enforces tax law |
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Term
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Definition
| accounting is honest and candid |
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Term
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Definition
| accountant is impartial and intellectually honest |
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Term
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Definition
| accountant avoids relationships that impair his or her objectivity |
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Term
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Definition
| institute of management accountants |
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